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The global cryogenic equipment market size is projected to reach USD 31.68 billion by 2026. It is likely to gain impetus from the rising adoption of pumps, tankers, refrigerators, vaporizers, valves, and other similar equipment. In addition to that, the abrupt surge in demand for liquefied natural gas (LNG) because of the increasing number of gas-based power plants. This information is provided by Fortune Business Insights™ in a recently published study, titled, “Cryogenic Equipment Market Size, Share & Industry Analysis, By Product (Tank, Valve, Vaporizer, Pump, and Others), By Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas (LNG), and Others), By End-User (Oil & Gas, Metallurgy, Power Generation, Chemical & Petrochemical, Marine, and Others) and Regional Forecast, 2019-2026.” The study further mentions that the market stood at USD 18.42 billion in 2018. However, it would exhibit a CAGR of 7.1% during the forecast period between 2019 to 2026.
SHI Cryogenic Group Unveils Two New Highest-capacity Cryocoolers
In January 2019, the SHI Cryogenics Group, a manufacturer of helium compressors, pulse tubes, cryocoolers, and cryopumps based in Tokyo, introduced the RDE-418D4 1.8/2.0W 4K cryocooler under its wide range of Gifford-McMahon (GM) cryocoolers. This new launch would aid the company in broadening its pre-existing range of 0.1W to 1.5W models. The RDE-418D4 is the company’s highest-capacity cryocooler to date.
Its other products are considered to be the most versatile and reliable systems available in the market at present. They provide orientation-free operation, compact designs, and have high cooling capacities. The RDE-418D4 is equipped with an optimized design that upsurges cooling performance by 20%, unlike the RDK-415D 1.5W 4K cryocooler. At the same time, it doesn’t change the compressor’s input power or the cryocooler’s physical size. The complete system consists of power cables, gas lines, and helium compressors. It is UL and CE certified.
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Rising Demand for Clean Energy Sources to Boost Growth
There is a huge demand for clean energy sources across the world. The generation of clean energy requires applications such as regasification, storage, and transportation. It is set to contribute to the cryogenic equipment market growth during the forthcoming period. Additionally, increasing investment in chemical & petrochemical, as well as metallurgical sectors, would also drive the growth of the market. Lastly, the emerging economies are showcasing development in the healthcare sector. It would affect the market positively.
Key Players Focus on Launching Novel Products to Strengthen Position
Prominent cryogenic equipment operators are striving persistently to gain the maximum share by introducing state-of-the-art technologies in their products. It will not only skyrocket the sales of the products but also will help the manufacturers in gaining a competitive edge during the forthcoming years.
Noteworthy Industry Development:
Fortune Business Insights™ profiles a few of the most renowned organizations present in the cryogenic equipment market. They are as follows:
Further Report Findings-
The cryogenic equipment market can be segmented in the following way:
Value (USD Billion)
By Cryogen Type